The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1887-12-15
THE ANNUAL MESSAGE.
1t Deals Only with the Tariff
Question.
TAXES MUST BE REDUCED.
President Cleveland Urges Immediate
Action on the Part of Congress

ACtlon On Inc Part OF congress
He Strongly Advises a Revision of the
Existing Tariff Laws, and Declares That
Unless Measures Are Taken to Reduce
the Surplus, the People Must Suffer.
He Appeals to the manufacturers to
Exert Themselves in Favor of a Tariff
Reduction.
WASHINGTON, Dec G-The presidents
annual message, read before congress-, is as
follows.
To the Congress of the United States:
Tor a.e confronted at the threshold of
your legislative duties with a condition Of
the national finances which imperativeIy de-
mands Immediate and careful consideration
The amount of money annually exacted,
through the operation Of present laws, from
the industries and necessities of the people
largely exceeds the sum necessary to meet
the expenses of the government.
THE PUBLIC TREASURY A BOARDING PLACE.
When we consider that the theory of cur
institutions guarantees to every citizen the
full enjoyment of all the fruits of his in
dustry and enterprise, with only such deduc-
ton as may be his share toward the careful
and economical maintenance of the govern
ment which protects him, it is plain that the
eXactiOn Of more tnan this is indefenslOle
extortion, and culpable betrayal of Amer
icen fairness and Justice This wrong in
HIcted upon those who bear the burden of
national taxation, ike other wrongs, multi
plies a brood OF evil consequences. The
public treasury, which should only exist as
II conduit conveying the peoples tribute to
its legitimate objects OF expenditure, be-
comes boarding place for money nte:llessly
withdrawn from trade and the peoples Use,
thus gripping our national energies, sus
pending ur cou try's development, pre-
venting investment i'll productive enterprise,
threatening fl aucial disturbance, ana in
viting scheIn,s Of public lluader.
Tiis condition of our treasury is not alto
Ceth Il new and it has more til IN once OF
late been submitted to the peoples repre-
sentativos in The congr s., VINO alone can
apply ren-dy. And vt The situation still
continues, with aggravated inci lents, more
thrn ever prcsaging financial CONFUSION and
wIdespieal disaster.
1t will not 90 to neglect this situltion be-
clue its dangers are not now palpably inn
mncnt and apparent. Thy exist none the
less certainly, and await the unforeseen and
unexpected occasion VIII suddenly they
will be precip tated upon US
On the 30 lay OF June, 1885, til, excess
OF revenues over public expenditures after
complying with ihs annual requirrma ant of
the sinking fund act, was Sl7,S59 735. "a; !;
during the year ended June 80, 1896, such
excess amounted to 80, 4t5 ,5.i5 20; and dur.
ing The year ended June 30, 1887 it reached
the sum of S55, 81, ,e4054
THE SINKING FUND.
The annual contributions to the sinking
fund during the three years above specified,
amounting in the ag creyate to $l3S SO5S,-
800 81, and deducted from tho surplus as
stated, were made ty calling in for that
purpose outstanding j per cent. bonds of the
government. During the six months prior
to June 80, 1897, the surplus revenue had
grown 81 large by repeated accunlulationS,
and it was feared the withdrawal of this
great sum of money needed by the people
would so affect the business of the country
that the sum Of S79,S64 100 of such surplus
was alp iel to the payment of the princ.p
and interest of the per cent bonds still
outstanding, and which were then payable
at the option Of the govcrnr1 mt The pre-
cariouS condition Of financial affairs among
the People still needing relief, immediately
after the 3Oth day of June, 1887.
the remainder of the Der cent
bonds then outstanding, amounting with
prlnclpai and interest to the sum OF
SlS,6',5O 70, were called in AMI applied to the
sinking fund contribution for the curr ept
fiscal year. Notwithstanding these opera
tions Of the treasury department, re1,resen-
tations of distress in business circles not oniv
contihu d hut increased, and absolute peril
seemed at hand. In these circumstances th,
contribution to the sinking fund for the cur
rent fiscal year was at once completed Ey the
expenditure OF S21 ,6S4 .3S3 55 in the purchase
of s0vrrnnl-Ht bonds not yet due bearing
and A. per cent interest, the premium
paid there on averaging abo ou5 a per Z. lit. for
the former and per c-nt. for the latter In
addition to this the interest accruiny durinr
the current year uEo1 the outstanding
bonded Indebtedness of the government was
to some extent anticipated, and banks Sc
lected rs depositories of public money were
PERMITTED to somewhat increase their de-
postS
SURPLUS REVENUES.
While the exp"dieuts thus employed to re-
lease to the pt sple the money living id!e in
the treasury served to avert immediate
danger, our surplus revenues nave continued
to accumulate, the excess for the present
year amounting on the 1>t day of D cen,ber
to SIS, ,225S, 10l.l -, and estimated to reach the
SUM of $I13,0O0, zoo on the 30th cf June next,
at which Ga-e it is expected that this sum.
added to prior aCcumul1tions, will swell tie
surplus in the tres sury to S140, ,0O0,OG
There seems to be 10 assurance thai. with
such a withdrawal from use of the peurl.,,
circulating medium, cur business community
may not i'll the near future be subj i.cted to the
same distress which was quite lately producei
from the same cause And while the func-
tions of our national treasury should be
few and simple, and while its best condition
would lie reached, l believe, by its entire
disconnection with private business interests
yet when, by perveIs:on of It's purposes. it
idly ho,ds money uselessly subtrac,ed from
the channels of trade, there seems to lie
reason for the claim that some legitimate
means should be devised by the government
to restore i'll an emergency, without waste
or extravaganza, such money 10 its place
among the people.
NO EXECUTIVE POWER OF RELIEF.
II such an emergency arises there now ex-